Displaying items by tag: True North

India: Shree Digvijay Cement’s income rose by 2.5% year-on-year to US$63.6m in the year to 31 March 2019 from US$62.1m in the same period in 2018. Its profit fell to US$0.3m from US$1.93m. Notably, its power and fuel costs grew by 29% to US$22.3m during the year. For the last quarter of the reporting year its income fell by 11%. Private equity company True North purchased a majority stake in the cement producer from Brazil’s Votorantim Cimentos in April 2019.

India: Private equity company True North has purchased a 54% stake in Shree Digvijay for a reported US$17m from Brazil’s Votorantim Cementos. Other companies bought the rest of Votorantim’s 75% share in the business, according to Bloomberg. True North signed a deal to buy the cement producer in late 2018. Shree Digvijay operates an integrated cement plant at Jamnagr in Gujarat.

India: Private equity company True North has signed a deal to buy Votorantim Cimentos’ direct and indirect 75% stake in Shree Digvijay Cement for an undisclosed sum. The acquisition will require completion of a mandatory open offer to the minority shareholders of Shree Digvijay Cement. JM Financial Limited is acting as the manager to the open offer.

“Votorantim Cimentos has contributed significantly to the strategic initiatives taken at Shree Digvijay Cement over the last few years. This has strengthened its competitive positioning and has greatly improved its operating and financial performance. True North firmly believes in Shree Digvijay Cement’s competitive positioning and is looking forward to partnering with the existing management and employees of the company. We are very excited about this opportunity, with fresh investment and new thinking we can create a lot of value for all,” said Said Srikrishna Dwaram, a partner with True North.

True North holds experience with investments in the Indian construction and building materials space. It has owned and managed two businesses in the sector: RDC Concrete, a manufacturer of ready-mix concrete and Robo Silicon, a manufacturer of construction aggregates.